1 Trusts as Legal Entity for Property Management

The trust — the split-ownership device (Jurisprudence-II's legal/equitable ownership): property vested in a trustee (or a board of trustees), held and administered for beneficiaries orpurposes (religious, charitable, educational, public) under the trust's instrument — the settlor's dedicated property serving a mission beyond any individual's estate. The trust's juridical architecture: the trustee holding legal title and management power; the beneficiaries (or the charitable purpose) holding the beneficial claim, protected by equity's conscience — the trustee may not profit, may not deviate, must account. Nepal's indigenous trust is the guthi — the endowment for temples, rituals, festivals and charity, centuries older than the statute (Unit 4's tenure history); the modern statute's "trust" (nyas) generalizes the form.Why trusts manage property (the functions): perpetuity beyond a life (the mission outliving the founder); insulation from heirs' partition (the trust's assets no one's bhaag); professional administration (the board's stewardship); and philanthropy's channel (the charitable purpose's tax and honour economy).